Whale transactions involving SHIB have experienced a remarkable surge of 454.16%, signifying significant market activity. Despite fluctuations in the market, the average holding time for SHIB coins indicates strong long-term investor confidence.
In a recent development, the cryptocurrency Shiba Inu (SHIB), known for its dog theme, has witnessed a notable increase in whale activities, as reported by IntoTheBlock, a blockchain analytics firm. The data reveals an astonishing 454.16% rise in large transactions involving SHIB, amounting to a staggering $112.96 million in just one day.
These unprecedented whale movements were reflected in 34 large transactions, each surpassing the $100,000 mark, indicating a substantial increase in the engagement of major players within the Shiba Inu ecosystem. These transactions surged from 2.18 trillion SHIB on February 21 to an overwhelming 11.77 trillion SHIB by February 22, setting a new record for the highest transaction volume witnessed in the past week.
This surge is a clear indication of heightened activity, potentially suggesting significant purchases or sales by these influential investors.
Additionally, the Shiba Inu blockchain experienced a noteworthy increase in daily active addresses, with a 25.33% rise to 3710 addresses. This uptick signifies a growing interest and participation in the Shiba Inu market, reflecting a broader engagement beyond just the whale community. For a more detailed analysis of these developments, a comprehensive explanation is available in this Youtube video.
Despite the increased activity, SHIB bulls faced challenges in pushing the cryptocurrency’s price above the $0.00001 threshold. The price encountered rejection at $0.00000996 on February 20 and has since been on a downward trajectory. However, there has been a slight recovery in the price, with a 0.40% increase in the last 24 hours, bringing it to $0.000009636.
This decline is part of a broader trend in the crypto market, which has seen general price decreases. If the downward trend continues, this meme coin would experience its third day in the red out of the four since February 20.
An intriguing aspect of the current market dynamics is the Holding Time of Transacted Coins indicator, which has surged by 652.17% over the past week. This metric measures the average duration that coins are held before being traded, indicating a strong confidence among SHIB holders in the cryptocurrency’s long-term prospects. On February 22, the average holding time for transacted coins was notably one year, reflecting a significant commitment from investors.